President participates in a Seminar on Uniform National Education Curriculum

Lahore | September 21, 2019

Mr. Zia ul Mustafa, President
ICMA Pakistan was invited as
Guest of honour at a Seminar
on the theme of ‘Broad based
uniform National Education
Curriculum (Status, Challenges,
Solutions, Models) organized
jointly by the Centre for Islamic
Economics and Finance (CIEF)
and Superior Group of Colleges
Lahore on September 21, 2019.
Prof. Dr. Abdul Khaliq, MD
Superior Group of Colleges,
Lahore was the Chief Guest at
the Seminar. The seminar was
participated by religious scholars,
experts and other stakeholders.
Speaking on the occasion, the President ICMA Pakistan emphasized upon
the significance and need for a uniform education policy across the country,
Chief Editor’s Message including a uniform curriculum for the two streams of educational systems
Dear Members,

While presenting the

September 2019 issue of
ICMA Pakistan’s e-Newsletter,
I am delighted to share a
good news with you that
considering the long-standing
demand of most of our
members, especially the retired members, the
Research and Publications Committee has decided
in principle to also go for the printing of the
Newsletter. Hopefully in one or two months, you
would be receiving the hard copies of newsletter at
your postal addresses, in addition to its digital copy
through emails. Let me take the opportunity to
congratulate Mr. Abdul Wasey Khan, Vice President
for being appointed as the member of Audit Group
of Confederation of Asian and Pacific Accountants
(CAPA). Mr. Abdul Wasey Khan certainly deserves i.e. schools and the religious seminaries. He added the holding of this
this appointment at the regional forum in view of Seminar was in consonance with the Government’s intention and plan
his accumulated experience in the field of audit. to prepare and implement a uniform national curriculum from the next
This appointment is also an honour and pride for academic session. He briefed the participants about ICMA Pakistan,
our Institute.
its history, curriculum and the role and contribution of management
Have a nice reading and do share with us your accountants towards the economy and society. He stated that we need to
valuable views and suggestions on rp@icmap.com.pk support the government in launching the uniform national curriculum and
Muhammad Yasin, FCMA
hope that the deliberations would lead to some pragmatic solutions for the
Chairman, Research and Publications Committee consideration by the government.

CHIEF EDITOR EDITOR

Editorial Board Muhammad Yasin, FCMA Shahid Anwar, Director
Chairman, Research & Publications Committee Research & Publications | Email: rp@icmap.com.pk
CAPA appoints Vice President as member of its Audit Group
The Confederation of Asian and Pacific Accountants (CAPA) which is a regional platform representing 33
professional accountancy bodies from 24 jurisdictions in Asia and the Pacific, has appointed Mr. Abdul
Wasey Khan, Vice President ICMA Pakistan as a member of its newly-formed Audit Group (AG). The CAPA
Board has established the Audit Group (AG) to provide input and recommendations to the Board and
assistance in any subsequent implementation of strategies, activities and matters of relevance for CAPA
to pursue consistently with the organization’s vision, mission and strategic plan in respect of audit.
It is a matter of prestige not only for ICMA Pakistan but also for the country that Mr. Abdul Wasey Khan is the only Pakistani and
representative of only cost and management accounting body on the Audit Group of CAPA. Other appointments on the AG are
from the professional accounting bodies of USA, UK, Canada, China, South Korea, India and Bangladesh.

ICMA Pakistan organizes a Workshop on Taxation at PTV

Islamabad | September 19, 2019

ICMA Pakistan organized a ‘Workshop on Income Tax, Sales Tax, FED and Post-Budget Amendments in Tax Laws (2019-20)’
on September 19, 2019 at Pakistan Television Corporation (PTV), Training Academy, Islamabad. Mr. Amir Manzoor, Managing
Director, PTV was the chief guest on the occasion. This workshop was conducted exclusively for the officials of PTV to give them
a broad understanding of the recent tax system in Pakistan.

National Council Members

President
Zia ul Mustafa, FCMA What’s Inside
CFO & Business Administrator
Pakistan Expo Centres Private Limited President participates in a Seminar on Education Curriculum 01
Vice President
Abdul Wasey Khan, FCMA CAPA appoints Vice President as member of its Audit Group 02
Group Director Internal Audit
FAV Group of Companies
ICMA Pakistan organizes a Workshop on Taxation at PTV 02
Honorary Secretary Exclusive Directors’ Training Program for SME Leasing Limited 03
Shehzad Ahmed Malik, FCMA
Chief Executive Officer, Shehzad Malik Management Consultants (Pvt) Ltd. Seminar on ‘E-Filing of Income Tax Returns’ – Lahore 03
Honorary Treasurer Discussion Session on ‘Tax Filing for Tax Year 2019’ - Karachi 04
Muhammad Yasin, FCMA
Chief Financial Officer, Jamshoro Joint Venture Limited, Associated Group Panel discussion on ‘Tax scheme for small traders’ – Islamabad 04
Abid Lateef Lodhi, FCMA ED participates in SMIU 135th Foundation Day celebration 04
CEO, Central Power Purchasing Agency Guarantee Limited,
Ministry of Energy, Government of Pakistan MoU signed with Matco Foods – Karachi 05
Ghulam Mustafa, FCMA
Chief Executive Officer, Tariq Qazi Management Consultant
Technical Session on ‘Income Tax Return Filing, 2019’ 06
Ather Saleem Ch, FCMA MoU with Faisalabad Learning Forum (FLF) – Faisalabad 06
Head of Compliance & Taxation
Fauji Fertilizer Bin Qasim Ltd. Release of Jul-Aug 2019 issue of Management Accountant 07
Muhammad Iqbal Ghori, FCMA Multan Campus Participates in Education Expos – Multan 08
Director Startegic Planning, Sadaqat Ltd.
Sumaira K. Aslam MoU signed with Navafiz - UAE 09
Additional Secretary Cost Accounting Wing, Workshop on Career Development - UAE 09
Finance Division, Government of Pakistan
Iram Anjum Khan Admission Campaigns and Career Counseling Sessions 10
Deputy Auditor General (Policy)
Auditor General of Pakistan Examinations 12
Jameel Ahmad, FCMA Technical Updates 13
Deputy Governor,
State Bank of Pakistan Membership Affairs 15
Tahir Mahmood, FCMA Library 18
Commissioner
Securities and Exchange Commission of Pakistan (SECP)
Honorary Secretary elected as Executive member of Rawalpindi Chamber
Mr. Shehzad Ahmed Malik, Honorary Secretary, ICMA Pakistan has been elected un-opposed as a Member of the Executive
Committee of Rawalpindi Chamber of Commerce and Industry. Presently, he is the Chairman of Tax Committee of Rawalpindi
Chamber of Commerce. Congratulations to Mr. Shehzad Ahmed Malik.

Exclusive Directors’ Training Program for SME Leasing Limited

Islamabad | September 7,8 & 14, 15, 2019

An exclusive Directors’ Training Program (DTP) for SME Leasing Limited was arranged by the National Council’s CPD Committee
of ICMA Pakistan at Islamabad in two separate Sessions i.e. First Session held on September 7 and 8, 2019 and Second Session
held on September 14 and 15, 2019, respectively. Mr. Aamir Ijaz Khan, Executive Director, ICMA Pakistan was the lead trainer
in the first Session whereas Mr. Ather Saleem Ch., member National Council ICMA Pakistan was the main trainer in the second
session. The closing ceremony of the DTP program was graced by Mr. Shahzad Ahmed Malik, Honorary Secretary who along with
Mr. Ather Saleem Ch. also distributed shields to the participants. The DTP session was attended by the Chairman and senior
officials of the SME Leasing Limited.

Seminar on ‘E-Filing of Income Tax Returns’

Lahore I September 25, 2019

Lahore Branch Council (LBC) organized a seminar on ‘E-filing of Income Tax Return’ on September 25, 2019 at Lahore Campus. Mr.
Abdul Razzaq, FCMA was the Lead Speaker whereas, Mr. Khurram Shahbaz Butt, President, Lahore Tax Bar was the Guest of honor.
Mr. Zia ul Mustafa, President ICMA Pakistan also graced the occasion as the Chief Guest.
Mr. Salman Haider, Vice Chairman LBC presented the welcome address. Speaking on the occasion, President ICMA Pakistan said that
tax collection is of vital importance for the uplift of the national economy. He emphasized upon the members of ICMA Pakistan as
well as accounting and tax professionals to put in their best for helping the government in collection of maximum taxes.
At the conclusion of the seminar, Mr. Awais Yasin, Chairman LBC presented the vote of thanks. Mr. Abdul Razzaq, Secretary LBC; Mr.
Najaf Abbas, member LBC and Mr. Sarfraz Ahmad, Joint Director Campus Management were also present. Around 150 members
and students attended the seminar.

September 2019 3
ICMA Pakistan signs MoU with Pitman Training Pakistan
Lahore | September 17, 2019
ICMA Pakistan has signed a MoU with M/s. Pitman Training
Pakistan for capacity building and training of their employees
and to conduct specialized and common training programs in
the agreed areas. The MoU was signed on September 17, 2019
at Lahore by Mr. Zia ul Mustafa, President ICMA Pakistan and Mr.
Dawood Hussain, Managing Director Pitman Training Pakistan.
Under the MoU, Pitman will be providing opportunities for the members of ICMA Pakistan.
The signing ceremony was witnessed by Mr. Awais Yasin, Chairman Lahore Branch Council (LBC); Mr. Salman Haider, Vice Chairman
LBC; Mr. Abdul Razzaq, Secretary LBC; Mr. Najaf Abbas, Mr. Muhammad Shahid, Mr. Muhammad Tahir Iqbal members LBC and Mr.
Sarfraz Ahmad, Joint Director Campus Management.

Discussion Session on ‘Tax Filing for Tax Year 2019’

Karachi | September 21, 2019
Karachi Branch Council (KBC) organized a Discussion Session on ‘Tax Filings
for Tax Year 2019” on September 21, 2019 at Karachi. The objective was to
provide clarifications, queries and remove any ambiguities relating to return
filing. The Panelists included Mr. Ahsan Elahi Vohra, FCMA, Mr. Afzal Imam,
FCMA, Mr. Muhammad Furqan, ACA, Team Lead Taxation and Advisory,
Tola Associates and Mr. Azeem Hussain, ACMA, FCA, Vice Chairman KBC.
Mr. Shaham Ahmed, Chairman, CPD Committee KBC presented the
welcome address. Syed Babar Ali , Chairman KBC; Mr. Farough Ali Naweed,
Secretary/Treasurer KBC and Mr. Noman Bombaywala, former Chairman,
KBC presented shields to the panelists. The Session was attended by around 100 participants.

Panel discussion on ‘Tax scheme for small traders’

Islamabad | September 11, 2019
The CPD Committee of Islamabad Branch
council (IBC) organized a Panel discussion
on Tax scheme for small traders and
shopkeepers on September 11, 2019
at Islamabad center. The event was
formally started with welcome remarks
by Mr. Abdur Rab Khan, Secretary IBC. Mr.
Shehzad Ahmed Malik, Honorary Secretary who was the Guest Speaker explained the objectives of the event. He said that the
workshop would help the small traders and shopkeepers to understand the latest developments in Income Tax and Sales Tax as
well as their implications on the business and economy. Mr. Ather Saleem Ch., member National Council was the guest of honor.
Mr. Adil Amin, Chairman IBC; Mr. Muhammad Arif, Vice Chairman, IBC were also present. Around 40 participants attended.

Executive Director participates in SMIU 135th Foundation Day celebration

Karachi, August 31, 2019
The Sindh Madressatul Islam University (SMIU)
celebrated its 135th Foundation Day on August 31,
2019 at Karachi. Mr. Nisar Ahmed Khuhro, Advisor
to Sindh Chief Minister on Universities and Boards
was the chief guest on the occasion. Mr. Aamir Ijaz
Khan, Executive Director, ICMA Pakistan was also
invited by SMIU to join the 135th Foundation Day
celebrations. The Chief Guest, Mr Nisar Khuhro in his speech said that everyone at the event had gathered there to pay homage to
the heroes of the nation and the occasion was befitting to praise those heroes who had tabled and got passed the resolution from the
Sindh Assembly for the creation of Pakistan. He appreciated the efforts of Dr. Muhammad Ali Shaikh, Vice Chancellor, SMIU for making
it possible to get university status for a great educational institution, which was the greatest tribute that could be paid to its meritorious
students, their faculties and the founders.

September 2019 4
MoU signed with Matco Foods
Karachi | September 07, 2019

A memorandum of understanding (MoU) was signed between ICMA Pakistan and M/s. Matco Foods, on September 07, 2019
at Karachi, under which both sides would collaborate with each other to promote industry-academia linkages. The signing
ceremony was organized by the MPD&CT Department of ICMA Pakistan. The launching ceremony was attended by Syed Babar
Ali, Chairman and Mr. Azeem Siddiqui, Vice Chairman, Karachi Branch Council (KBC). The Chairman KBC stated that ICMA Pakistan
and Matco Foods would be working together to create employment opportunities for Members of ICMA Pakistan.

IFRS Level 1 & 2 Certificates Distribution Ceremony

Karachi | September 12, 2019

A ceremony was arranged on September 12, 2019 in the Seminar Hall of ICMA Pakistan’s Head office, Karachi to distribute
certificates to the participants who had completed IFRS level 1 & 2 course successfully. Mr. Abdul Wasey Khan, Vice President,
ICMA Pakistan was the Chief Guest on the occasion who distributed certificates to the participants. The ceremony was also
attended by Syed Babar Ali, Chairman, Karachi Branch Council (KBC) and Mr. Aamir Ijaz Khan, Executive Director, ICMA Pakistan.

Workshop on New Corporate Legal Framework

Faisalabad | September 21, 2019

The CPD Committee of Faisalabad Branch Council (FBC) organized a workshop on ‘New Corporate Legal Framework’ on
September 21, 2019 at Faisalabad. Mr. Nazir Ahmad Shaheen, Former Executive Director, Securities and Exchange Commission
of Pakistan (SECP) was the lead trainer. The workshop was attended by members and students of ICMA Pakistan, ICAP, PIPFA
and other professionals from different industries. Mr. Abdul Shakoor, Chairman, CPD Committee, FBC delivered vote of thanks.

September 2019 5
Technical Session on ‘Income Tax Return Filing, 2019’
Faisalabad | September 27, 2019

The CPD Committee of Faisalabad Branch Council (FBC) organized a Technical Session on ‘Income Tax Return Filing, 2019’ on
September 27, 2019 at Faisalabad Campus. Mr. Muhammad Ashfaq Ahmed Naz, Principal, MAAN Associates, Cost & Management
Accountants and Syed Iftikhar Arshad, Senior Vice President, Pakistan Tax Bar Association were the trainers at the session. A large
number of members and Students of ICMA Pakistan, ICAP, PIPFA and other professionals from different sectors attended the
session. The welcome address was presented by Mr. Muhammad Ahmed, Secretary CPD Committee FBC whereas, the vote of
thanks at the conclusion of session was made by Mr. Ayaz Mustafa, Joint Director/In-charge Faisalabad Campus.

MoU with Faisalabad Learning Forum (FLF)

Faisalabad | September 03, 2019

ICMA Pakistan signed a Memorandum of Understanding (MoU) with the Faisalabad Learning Forum (FLF) on September 03, 2019 at
Faisalabad. Under the MoU, both organizations agreed to promote industry-academia linkages and work together for the benefit of
employees and their dependents of all member organizations of FLF by promoting CMA Qualification and CPD activities. The MoU
was signed by Mr. Ayaz Mustafa, Joint Director/ In-charge, Faisalabad Campus ICMA Pakistan and Mr. Fahad Shareef, President,
FLF. The signing ceremony was witnessed by Mr. Wali Zahid, Chairman, FLF, who is an international consultant, speaker, leadership
trainer and executive coach and also the Founder Chairman of Faisalabad Learning forum as well as CEO of Skill City.

Faisalabad Learning Forum 7th Meet Up

Faisalabad | September 03, 2019

The seventh meet up of Faisalabad Learning Forum (FLF), a volunteer learning platform for the HR professionals of all renowned
organizations of Faisalabad, to promote world class HR and L&D initiatives in the industry was organized on September 03,
2019 at Faisalabad Campus. Mr. Wali Zahid, a well-known corporate coach of Asia, CEO Skill City and Founder Chairman of FLF.
Mr. Muhammad Fahad Sharif, President FLF and HR Heads from all leading organizations of Faisalabad attended the event.
At the end, Mr. Ayaz Mustafa, Joint Director/In-charge Faisalabad Campus briefed the participants about ICMA Pakistan and
enlightened the importance of professional qualification and also delivered the vote of thanks to the participants.

September 2019 6
Workshop on International Standards on Auditing
Faisalabad | September 12 to 15, 2019

The CPD Committee of Faisalabad Branch Council (FBC) organized a three day Workshop on ‘International Standards on
Auditing’ on September 12, 14 and 15, 2019 at Faisalabad Campus. Mr. Usman Ghani, Manager Audit and Assurance, Yaqub
& Co. was the lead trainer. A large number of participants including members, students, ICAP, PIPFA and other professionals
from different industries attended the workshop. Mr. Ayaz Mustafa, Joint Director/In-charge, Faisalabad Campus delivered
the vote of thanks.

Release of Jul-Aug 2019 issue of

Management Accountant
The July-August 2019 issue of Management Accountant Journal on the theme of
‘Business Startup and Professionals’ was released and hosted on Institute’s website.
This issue features an Exclusive Interview of Mr. Humayun Mazhar President, The
Indus Entrepreneurs (TiE)- Lahore and CEO, CresVentures – An Angel Capital Firm
of the Crescent Group.This issue also contains ‘Feature Interviews’ of Founder/Co-
Founders of prominent Pakistani Startups which include Mr. Monis Rahman, Founder
and CEO, Rozee.pk; Mr. Zeeshan Ali Khan, Co-Founder and CEO, Zameen.com and Mr.
Suneel Sarfraz Munj, Co-Founder and Chairman of PakWheels.com. The issue also
covers the Survey Report on ‘Inclination of CMAs towards Startups’. A Report of CAPA
on ‘Challenges facing the Profession in the Asia and Pacific’ is also part of the issue. The
issue can be viewed/ downloaded from the link:
https://www.icmap.com.pk/management_accountant.aspx

Survey on ‘Inclination of CMAs towards CMAs’

The Research and Publications Department carried out a survey on Members
inclination towards startups. The Survey Report was published in the Jul-Aug 2019
issue of MA Journal released in the first week of September 2019. The survey revealed
interesting conclusions.

Meetings with IoBM Capstone Project Teams

The Institute of Business Management (IoBM) has accepted four of the research proposals made by the Research and
Publications Directorate for assigning to their MBA Capstone Project teams. Two of the project teams led by their supervisors
held meetings to understand the scope of the research assigned to them and the expected outcomes of these studies.

September 2019 7
The first capstone team that held meeting on September 25, 2019 with the Executive Director was assigned the research
project titled ‘Comparative Analysis of Curricula of Global Professional Accounting Bodies and Design a Model Curriculum for
ICMA Pakistan’. The meeting was also attended by Ms. Shahida Ibrahim, Director Education and Mr. Shahid Anwar, Director,
Research and Publications.
The second capstone team visited ICMA Pakistan on September 26, 2019 to get understanding on the assigned project titled
‘Designing a Business Plan and Strategy to make the ICMA Pakistan Job Portal a successful brand’. The meeting was attended
by Mr. Asim Husain Khan, Head of MPD & CT, Mr. Shahid Anwar, Director R&P and Mr. Shams Bhimani, Officer MPD & CT.

17th Meeting of R&P Committee

The 17th meeting of the Research and Publications Committee was held on September 19, 2019 under the chairmanship of Mr.
Muhammad Yasin, Chairman. The main agenda of the meeting was to review and finalize the dummy of Jul-Aug 2019 issue of
Management Accountant Journal.

Multan Campus Participates in Education Expos

Multan | September 03 and 18, 2019

The Multan Campus participated in ‘Dunya Education Fest 2019’ on September 18, 2019 and ‘Khabren News Education
Expo’ on September 03, 2019 at Multan. Ms. Samina Khan Kiani, Deputy Director/ In-charge, Multan Campus participated
in both these education expos to promote the CMA qualification amongst the participating students from different
universities and colleges.

Meetings with Heads of Corporate sector for placements of members

Islamabad | September 05, 18, 19 & 24, 2019

The CRC Committee of Islamabad Branch council (IBC) headed by Mr. Zakir Hussain Satti, Director Islamabad Campus along
with Mr. Khurram Saleem, Deputy Director and Mr. Shawaz Ahmed, Assistant, Corporate Relations and Communications
(CR&C) successfully embarked upon a program of job placements for the members who are finding difficulties to get suitable
jobs that match their qualifications and skills set. They met various heads of the organizations who are serving as senior
members of ICMA Pakistan in the industry. They held meetings with Mr. Riaz Tahir, Director, Admin & Finance, FAST on
September 05, 2019; Ms. Rubina, Senior Vice President, Century Insurance on September 18, 2019; Mr. Akhtar, General
Manager, Finance and Accounts, Wilson group of companies on September 19, 2019 and Mr. Irfan Ali, General Manager
Finance, Shifa International on September 24, 2019. They discussed various possibilities like MoU, Internships, placements,
scholarship, student endowment fund and infrastructural branding and various training programs.

September 2019 8
MoU signed with Navafiz
UAE | September 27, 2019
An MoU was signed between ICMA Pakistan and Navafiz on
September 27, 2019 at U.A.E. Navafiz is a Volunteer’s Platform
to bridge the gap between Job seekers and Job providers, by
providing information and Networking.

Workshop on Career Development

Sharjah, UAE | September 27, 2019

The UAE Branch Council, in collaboration with Navafiz and PSCS organized a workshop on Career Development ‘The Next step
on Your Career Ladder’ on September 27, 2019 at Pakistan Social Centre, Sharjah. Mr. Andy Pacino was the lead speaker who
is a Student Learning Advisor at Murdoch University, Dubai. The workshop enabled the participants to know on the strategy to
establish contacts and approach potential employers without them knowing. Mr. Qamar Hussain, Chairman, CPD Committee,
UAE Branch Council and Mr. Muhammad Fareed, Chairman UAE Branch Council were also present.

Corporate Meetings
September, 2019
Members’ Professional Development & Corporate Training (MPD&CT) Department held meetings with Getz Pharma, Adlah Taj
Investment, Atlas Honda and Century Insurance, Pakistan Stock Exchange, Mushtaq & Co., First Habib Mudarba, SME Leasing,
Nabi Qasim Group, Sanaullah & Co. and FAST University, Wilson Group of Companies and Shifa Eye Trust.

Mock Interview Sessions

Karachi | September 14, 2019

September 2019 9
Nation-wide
Admission Campaigns and Career Counseling Sessions
South Region’s Networking Meetings
Karachi | September 02, 04, 05, 06 & 18, 2019

Lal Muhammad Lakhan, Director South Region (SR) and Sayed Shaiq Ali Musavi, Assistant Director SR had a meeting with Brigadier
Farhan Khan at Army Public School & College on September 04, 2019 and Mr. Yousaf Khan, Principal, Commecs College on
September 02, 2019; Col. Salman, Principal, Army Public School College Malir Cantt. on September 06, 2019; Lt. Col. Sayed Iftikhar
Ahmed TI (M), Director Studies and Mr. Abdullah Patoli, Principal ASF School & College on September 18, 2019, respectively for
conducting career counseling and admission information sessions.

The Director and Assistant Director South Region (SR) also had a meeting with Dr. Khatu Mal, Advisor to Chief Minister Sindh
on September 05, 2019.The agenda of this meeting was to take the Minorities Support Initiative to the next level. During the
meeting, Director, SR suggested the execution plan of ICMA Pakistan in initiating minorities support program.

College Students’ Visit to Main Campus

Karachi | September 28, 2019
The Marketing team of South Region (SR) arranged the visit of students of Govt. Boys Degree College Korangi (2 ½ no.) at ICMA
Pakistan Gulshan-e-Iqbal Main Campus, Karachi on September 28, 2019. Sayed Shaiq Ali Musavi, Assistant Director South Region
and Ms. Warda Muzammail, Senior Assistant gave a detailed career counseling presentation to the students, professors and
coordinators on importance of career in life, admission criteria, entry routes, fee structure and exemptions. The session ended
up with very interactive question and answer session, followed by presentation of corporate gifts to the students.

September 2019 10
South Region Career Counseling Sessions
Karachi | September 16, 17, 18, 20, 27 & 30, 2019

The South Region (SR) conducted ‘Career Counseling Sessions’ at Cordoba School & College; International Grammar School on
September 27, 2019; Generation’s School on September 16, 2019; Whales College on September 18, 2019; H.R.H Agha Khan Govt.
Girls Degree Arts & Commerce on September 17, 2019; Premier College for girls on September 30, 2019 and Govt. Degree Boys College
Gulistan-e-Johar on September 20, 2019 at Karachi. These sessions were exclusively conducted for currently enrolled Intermediate/
A-Levels / O-levels / Graduate students with prior appointments given by the Principals of respected schools and colleges. The students
were briefed about the admission criteria of ICMA Pakistan; entry routes and career opportunities available to CMA graduates. Sayed
Shaiq Musavi, Assistant Director and Ms. Warda Muzammil, Senior Assistant South Region conducted the sessions.

Meeting of Director SR with Director, Times Collegiate

Karachi | September 26, 2019
Lal Muhammad Lakhan, Director South Region (SR) had a meeting with Director, Times
Collegiate on September 26, 2019. The purpose of meeting was to conduct career counseling
seminars and information awareness sessions.

Orientation Session for the newly-enrolled students

Lahore | September 04, 2019

The Lahore Campus organized an ‘Orientation Session for the newly-enrolled students of Operational Level-1&2 and Managerial
Level 1&2’ on September 4, 2019. Mr. Sarfraz Ahmad, Joint Director Campus Management, Lahore was the Lead Speaker on
the occasion. He spoke at length on the history and achievements of ICMA Pakistan since 1951. He assured the students that
CMA is a highly valuable and real gateway to a bright career. He stated that on completion of CMA qualification a good number
of persons have risen to the positions of CFO, CEO, GM Finance, Controller Finance and Financial Analyst etc. He convinced the
students that they can also rise to the highest positions in public and private sectors on completion of the qualification. The
students raised a number of queries about exemptions, examination system and placement service of the Institute. Mr. Sarfraz
fully elaborated on the points raised and motivated the students to work hard and smart for better career development. Around
120 students attended the session.

September 2019 11
Mentorship Session at Islamabad
Islamabad | September 27, 2019
The Career Counselling Committee of Islamabad Branch
Council (IBC) organized a mentorship session on September
27, 2019. It was started and concluded by Mr. Zakir Hussain
Satti, Director Islamabad Campus. Mr. Fayaz Amin Malik, senior
member of ICMA Pakistan was invited on the occasion who
gave inspirational speech to the students. A large number of
students attended the mentoring session.

In-House Career Counseling session

Faisalabad | September 30, 2019

The Faisalabad Campus organized an In-house Career Counseling and Awareness Session on September 30, 2019. Mr. Ayaz
Mustafa, Joint Director Faisalabad Campus enlightened the career opportunities available for CMA’s and motivated the
participating students to join CMA qualification for career development. He also briefed the aspiring students about entry
routes and admission criteria of the Institute.

Examinations
The major activities of the Examination Department during the month are as under:

1) Computer Based Examinations (CBE)-September 2019 were held from September 16, 2019 to September 28, 2019. There
were 2,195 examinees [head count] enrolled to appear in examinations.

2) The support/ guidance material, available under ‘Examinations’ section on Institute’s website were revisited and updated for
the ready reference of stakeholders.

3) The results of Spring 2019 [Written] Examinations and Local Laws Gateway Examination [LLG] were announced in 23 working
days from their conclusion.

4) The Question Papers Pattern & Structure (QPPS) of all six modules of Practical Modules Examinations (PME) – Practical
Corporate Training Program, to be examined from October 2019, were uploaded on Institute’s website for the ready reference
of all stakeholders.

5) The Institute also, considering the necessity to comprehend the requirements of scenario-based questions and maintaining
professionalism of giving 15 minutes Extra Reading Time in designated Written Examination Papers, included/ allowed the
remaining two (2) papers of [M6] Corporate Governance, Business Laws & Ethics – Managerial Level-2 and [S2] Audit & Assurance
– Strategic Level-1 for giving the same.

September 2019 12
 Technical Updates
1. EXTENSION IN DATE OF FILING OF INCOME TAX RETURNS/ STATEMENTS FOR TAX YEAR 2019

Federal Board of Revenue (FBR) extended the date of filing of Income Tax Returns/Statements for the Tax Year 2019
as under:-

a) The Individuals and Associations of Persons who were required to file their Income Tax Returns/Statements of final
taxation for the Tax Year 2019 which were due on 30th September, 2019, but failed to file their Income Tax Returns /
Statements, are hereby allowed to file their returns/statements by 31st October, 2019.

b) The companies which were required to file Returns of Total Income/Statements of final taxation for the Tax Year
2019, which were due on 30th September, 2019 but failed to file their Income Tax Returns /Statements, though have
paid ninety five per cent of the admitted tax liability, are hereby allowed to file their returns/statements by 31st
October, 2019.

2. FIXATION OF MINIMUM VALUES OF LOCALLY PRODUCED GOODS

Federal Board of Revenue (FBR) vide their S.R.O. 992(I)/2019 dated September 4, 2019 fixed the minimum value of
goods of locally produced goods for the purpose of payment of Federal Excise Duty in sales tax mode on ad valorem
basis, at the rate as applicable under the following table of the First Schedule to the Federal Excise Act, 2005:-

Sr. No. Goods Value

(A) (B) (C)
1 Steel bars and other long profiles Rs. 83,000 per metric ton
2 Steel Billets Rs. 74,000 per metric ton
3 Steel Ingots/bala Rs. 72,000 per metric ton
4 Ship plates Rs. 72,000 per metric ton
5 Other re-rollable iron & steel scrap Rs. 71,000 per metric tons

In case the value of goods specified in the above Table, as determined under sub-section (1) of section 12 of the
Federal Excise Act, 2005, is higher than the values fixed herein, the value of goods shall be such higher value.

3. ADJUSTMENT / REFUND OF SALES TAX PAID UNDER SPECIALPROCEDURES

Federal Board of Revenue (FBR) vide their Sales Tax General Order No. 105/2019 dated September 13, 2019 has
allowed refund/input tax adjustment of sales tax/federal excise duty paid by ghee/cooking manufacturers, oil mills,
steel and other sectors which earlier operated under the sales tax special procedure.

Through Finance Act 2019-20, special procedures and other treatments for various sectors were abolished and
instead standard sales tax regime with right to input tax adjustment was prescribed with effect from 1st July, 2019.
However, the goods on which sales tax has been paid under special procedures prior to 1st July, 2019, were in stock
on 30th June, 2019, and the same would be supplied after the said date, thus attracting sales tax under standard
regime at applicable rate, subjecting the goods to increased incidence of tax.

September 2019 13
FBR notified adjustment against GDs of re-meltable scrap imported prior to 1st July, 2019, which remained in
stocks or the finished goods made therefrom remained in stock on 30th June, 2019, shall be made available to the
extent of that consumed in supplies made in July and August 2019, provided no adjustment of tax paid on such GDs
was made against sales tax on electricity bill as was provided under the Sales Tax Special Procedures Rules, 2007.
However, such adjustment shall be made available, on case-to-case basis.

For Oil and Ghee Mills, adjustment shall be available in respect of 16% FED against imports made in June, 2019, as
available in stock on 30th June, 2019, in the same form or in the form of finished goods, as consumed in sales made
during July and August, 2019. Adjustment shall be made to the extent of sales actually made in each month. Refund
of Rs. 1 / kg paid on inputs may be allowed by the field formations, under section 66, after due scrutiny and as per
law, after ensuring that the finished goods produced from such inputs have been supplied and FED payable at 17%
has been duly accounted for in the relevant return.

For Extra Tax Items as specified in Chapter XI of rescinded Sales Tax Special Procedures Rules, 2007, adjustment
shall be available against invoices showing 17% input tax on purchases of specified goods during June, 2019, which
were in stock on 30th June, 2019, and were sold in July and August 2019. These invoices as declared in June, 2019
return shall be made available for adjustment. Adjustment shall be made to the extent of sales actually made in
each month. If purchases of specified goods inputs on which 2% extra tax was paid, remained in stock on 30th
June, 2019, refund of such excess 2% extra tax may be allowed by the field formations, under section 66, after
due scrutiny and as per law, after ensuring that the goods involved supplied and sales tax at 17% has been duly
accounted for in the relevant return.

4. RESCINDMENT OF SRO

FBR vide their S.R.O. 993(I)/2019 dated September 4, 2019 has rescinded the SRO. 697(1)/2019, dated the 29th
June, 2019,in exercise of the powers conferred by second proviso to clause (46) of section 2 of the Sales Tax Act,
1990.

5. DRAFT AMENDMENTS TO THE SECURITIES BROKERS (LICENSING AND OPERATIONS) REGULATIONS, 2016

Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 1162 (I)/2019 made draft amendments to
the Securities Brokers (Licensing and Operations) Regulations, 2016 and sought public comments on it.

SECP proposes to make it mandatory for securities brokers to file monthly statements of net capital balance and
liquid capital with the securities exchange and clearing house. Under the new regulations, a securities broker shall
file monthly statements of net capital balance and liquid capital with the securities exchange and clearing house
computed in a manner specified in Schedules II and III respectively, immediately after coming into force of these
regulations, and shall also submit an audited statement of net capital balance as on close of second quarter of
its year of accounts and shall also disclose the net capital balance in its annual audited financial statements in
accordance with regulation 34.

The draft can be downloaded from the following link:-

https://www.secp.gov.pk/document/sro-1162-i-2019-draft-amendments-to-the-securities-brokers-licensing-and-
operations-regulations-2016/?wpdmdl=36095

September 2019 14
6. LISTED COMPANIES (CODE OF CORPORATE GOVERNANCE) REGULATIONS, 2019

SECP approved Listed Companies (Code of Corporate Governance) Regulations, 2019. The notification was issued
by the SECP through S.R.O. 1163 (I)/2019. Draft of the same was previously published by the SECP vide S.R.O.
485(I)/2019 dated 23rd April, 2019 and circulated through Technical Update 389.

The Regulations can be downloaded from the following link:-

https://www.secp.gov.pk/document/listed-companies-code-of-corporate-governance-regulations-
2019/?wpdmdl=36088

7. NOTIFICATION OF RATING AND INVESTMENT INFORMATION INC., JAPAN

SECP vide their S.R.O. 1158 (I)/2019 specified the Rating and Investment Information Inc., Japan, as internationally
recognized foreign credit rating institution for the purpose of entering into joint venture or technical collaboration
arrangement with a credit rating company in Pakistan.

8. NOTIFICATION ON INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS-16)

Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 986(I)/2019 dated September 2, 2019
grants exemption from requirements of International Financial Reporting Standards (IFRS-16) to all companies that
have executed their power purchase agreements before January 1, 2019, as follows:-

(a) IFRS 16 (Leases) to the extent of the power purchase agreements executed before the effective date of IFRS 16
i.e. January 1, 2019;

(b) International Accounting Standard 21 (The Effects of Changes in Foreign Exchange Rates) to the extent of
capitalization of exchange differences; and

(c) In case of capitalization of exchange differences under (b) above, recognition of embedded derivative under
IFRS 9 (Financial Instruments) shall not be permitted. -Federal Board of Revenue (FBR) vide their S.R.O. 968(I)/2019
dated August 29, 2019 has proposed amendments in the Income Tax Rules, 2002 by adding a new Part-II-P
(Electronic Return for Companies for Tax Year 2019) in the Second Schedule.

9. NOTIFICATION ON INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS-9)

Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 985(I)/2019 dated September 2, 2019,
notified that in respect of companies holding financial assets due from the Government of Pakistan, the requirements
contained in “IFRS 9 (Financial Instruments) with respect to application of Expected Credit Losses method” shall
not be applicable till 30th June, 2021, provided that such companies shall follow relevant requirements of IAS 39
– Financial Instruments: Recognition and Measurement, in respect of above referred financial assets during the
exemption period.

New Fellow Members

S.NO FELLOW NAME CITY / COUNTRY ASSOCIATE
MEMBERSHIP NO. MEMBERSHIP NO.
1 F-2147 Muhammad Ashraf Canada A-5818
2 F-2148 Naveed Aleem Lahore A-4060
3 F-2149 Sana Riasat Karachi A-5435
4 F-2150 Abid Nazir Karachi A-5612

September 2019 15
 5 F-2151 M. Khurram Karachi A-4065
Muqueem Khan
6 F-2152 Khalid Asghar Bhatti Saudi Arabia A-4080
7 F-2153 Sohail Asghar Lahore A-5513

New Associate Members

S.NO ASSOCIATE NAME CITY / COUNTRY REG. NO.
MEMBERSHIP NO
1 A-6837 Muhammad Meraj Ahmed Lahore S-00950016
2 A-6838 Muhammad Shoaib Hashmi Karachi S-20030850
3 A-6839 Muhammad Saeed Islamabad S-20061415
4 A-6840 Sajid Iqbal Sargodha S-20061939
5 A-6841 Ahamed Bilal Hashmi Karachi S-20090614
6 A-6842 Arman Ali Karachi S-20112346
7 A-6843 Muhammad Bilal Karachi S-20121709
8 A-6844 Muhammad Zaheer Islamabad S-20123445
9 A-6845 Muhammad Naeem Iftikhar Lahore S-00930961
10 A-6846 MianSohail Ramzan Lahore S-00934322
11 A-6847 Shahid Mehmood Faisalabad S-00981132
12 A-6848 Asif Karachi S-20030280
13 A-6849 Asad Riaz Multan S-20080137
14 A-6850 Fahad Sohail Khawaja Karachi S-20080233
15 A-6851 Nasir Abas Islamabad S-20081168
16 A-6852 Muhammad Shahzad Lahore S-20081406
17 A-6853 Ahmad Ali Rawalpindi S-20090564
18 A-6854 Farrukh Mehmood Lahore S-20091503
19 A-6855 Abdul Rehman Lahore S-20110456
20 A-6856 Hafiz Muhammad Ishtiaq UAE S-20111714
21 A-6857 Anees Ahmad Pasha Islamabad S-20120515
22 A-6858 Hafiz Muhammad Humayon Raza Lahore S-20123099
23 A-6859 Muhammad Umar Akbar Faisalabad S-20131208
24 A-6860 Muhammad Faizan Karachi S-20140324
25 A-6861 Muhammad Rafeeque Tando Allah Yar S-00900027
26 A-6862 Sanaullah Khan Hafizabad S-00900745
27 A-6863 Mubashir Hasan Karachi S-00972308
28 A-6864 Khawar Munir Rawalpindi S-20051906
29 A-6865 Imran Khan Lahore S-20061313
30 A-6866 Saqib Quetta S-20070407
31 A-6867 Aamir Shahzad Multan S-20140772
32 A-6868 Muhammad Mustafa Samad Karachi S-20141987

September 2019 16
New Certificate of Practice
S.NO M.SHIP NO. NAME CITY
1 F-752 Muhammed Hanif Chamdia Karachi
2 A-3960 Aamer Zia Lahore
3 A-5680 Syed Qamar Alam Karachi
4 A-6266 Sajid Mehmood Islamabad
5 A-6623 Riaz Ahmed Islamabad

Renewal of Certificate of Practice

S.NO M.SHIP NO. NAME CITY
1 F-264 Mustafa Hussain Siddiqui Hyderabad
2 F-856 Zahid Farooq Rawalpindi
3 F-929 Muhammad Tariq Khurshid Islamabad
4 F-937 Mazhar Mahmood Rawalpindi
5 F-1111 Mian Muhammad Ramzan Islamabad
6 F-1382 Muhammad Imran Islamabad
7 F-1417 Sh. Muhammad Asghar Tahir Okara
8 F-1745 Adil Ameen Islamabad
9 F-1773 Muhammad Imran Malik Islamabad
10 A-2083 Khalid Khursheed-Ul-Hassan Gujranwala
11 A-3750 Muhammad Ayyaz Gujranwala
12 A-5271 Salman Afzal Islamabad
13 A-5501 Bilal Ahmad Chakwal
14 A-5466 Muhammad Naveed Islamabad
15 A-5546 Imran Ashfaq Lahore
16 A-5907 Syed Muhammad Jawwad Karachi
17 A-5910 Muhammad Mazhar Rashid Karachi

OBITUARY
Job Placements & Internships Summary
Sr. CMA Status Karachi Islamabad Faisalabad Total
1 MEMBERS 6 - 1 7
2 QUALIFIED 4 2 - 6
Mr. Shahzad Mahmud has passed
3 STUDENTS 25 - 2 27 away. May Allah (swt) forgive his
4 STUDENTS 19 1 - 20 sins and grant him highest place
(INTERNSHIPS) in the Jannah. May Allah also
give solace and fortitude to his
TOTAL 54 3 3 60
family to bear this irreparable
SHAHZAD MAHMUD loss. Ameen
F-1887, RAWALPINDI

September 2019 17
 Library

New Arrivals (Magazines)

Bloomberg Businessweek

Bloomberg Businessweek Fortune

September 2019 18
 The Economist

Reader’s Digest Harvard Business Review

Council / Committee Meetings

During the month, the following meetings were convened.

Sr. Committee No. of meetings Date

1. National Council # 381 01 September 30, 2019
2. Examination 01 September 21, 2019
3. Research and Publications 01 September 19, 2019

September 2019 19
 EXCLUSIVE INTERVIEW
MR. ARIF AHMED KHAN, CHIEF EXECUTIVE
TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)
‘‘TDAP may invite ICMA Pakistan team in the National Exporters
Training Program (which is specially designed for SMEs and new
exporters) as an expert to guide the industry in reducing cost and
improving cost competitiveness.’’

EXCLUSIVE INTERVIEW
MR. ABDUL KHALIQ, CHAIRMAN
NATIONAL TARIFF COMMISSION (NTC)
‘‘Accountancy is an important field in the qualifications for membership
of both the National Tariff Commission and Anti-Dumping Appellate
Tribunal. The members of ICMA Pakistan should compete for
membership of both Institutions whenever a vacancy arises.’’

EXCLUSIVE INTERVIEW
MR. IRFAN IQBAL SHEIKH, PRESIDENT
LAHORE CHAMBER OF COMMERCE & INDUSTRY (LCCI)
‘‘The ICMA professionals can upload their profiles on the LCCI
Employment Exchange Portal http://lcci.rozee.pk. These profiles can
then viewed by the member companies of LCCI.’’

…………………. And more interviews of other Government Representatives and Focus Section Articles
contributed by the members and other experts
DON’T MISS OUT TO READ THIS ISSUE TO BE RELEASED SOON
VISIT ON LINK: https://www.icmap.com.pk/management_accountant.aspx
Encouraging the Authors while motivating others to be the next….

FOCUS ARTICLES INVITED FROM MEMBERS

The Nov-Dec 2019 issue of Management Accountant will be on the theme of:

FOREIGN AID: BLESSING OR CURSE

The deadline for submission of articles is 10th December, 2019 on rp@icmap.com.pk

Research & Publications Directorate

Contact: + 92 21 99243900 Ext 107 / 117, Email: rp@icmap.com.pk I URL: www.icmap.com.pk